The PML-N leader had left his house for some work when unidentified men on motorcycles started firing at his car.
Arai was reportedly shot three times - twice in the head and once in the chest.
He was initially taken to Jinnah Hospital and was later shifted to Liaquat National Hospital, where he is reportedly in critical condition.
A large contingent of police arrived at the scene and an investigation has been launched into the incident.
The police found 9mm shell casings at the location.
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Someone is trying to derail, recently developed, Khi-Lhr political friendly winds.